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"I appreciate Virginia Tech's confidence in me leading this program," Beamer said in a prepared statement. "I believe that continuity has led to the consistency in our program, and we hope for even better days ahead."

Negotiations for the compensation package will begin in January 2012, to be effective with the start of the contract extension.

"I am very pleased that Frank Beamer will lead our football program the next seven years," Virginia Tech athletic director Jim Weaver said. "He has led the Hokies to unprecedented heights, including 17 straight bowl games and six consecutive 10-win seasons."

The 63-year-old Beamer is entering his 24th season with the Hokies. He is second among active coaches behind Penn State's Joe Paterno with 229 career victories.

Virginia Tech is ranked No. 10 in the Associated Press preseason poll and will face No. 3 Boise State at FedEx Field on Labor Day.

Heather Dinich is a college football writer for ESPN.com. Information from The Associated Press was used in this report.